June 5, 2025 • 28 mins
Thinking of waiting for mortgage rates to drop back to 3%? You might be waiting a very long time. In this candid discussion, we explore why those pandemic-era rates were an anomaly, not the norm, and what today's buyers and sellers should actually focus on instead.
The market isn't bad – it's different. We're seeing steady activity in Henderson County with 125 homes selling monthly and a healthier four-month supply of inventory compared to the frenzied seller's market of recent years. Properly priced homes still move quickly, sometimes with multiple offers, while others benefit from strategic price adjustments.
We dive deep into the historical context of mortgage rates, revealing that the 50-year average for 30-year fixed mortgages is actually around 7.75%. Today's rates in the high 6% to low 7% range represent a return to normalcy after emergency economic policies during COVID-19. Rather than waiting for rates that may never return, successful buyers are focusing on finding the right property now and refinancing later when opportunities arise.
The wealth-building potential of homeownership remains powerful regardless of rates – homeowners have $300,000 more net worth than renters on average. We share stories of clients who purchased homes a decade ago for under $200,000 that are now worth over $500,000, often with significant tax advantages upon sale.
For investors and those planning their legacy, we explore sophisticated strategies like 1031 exchanges and Delaware Statutory Trusts that defer capital gains and simplify inheritance planning. These approaches help prevent your real estate investments from becoming a burden to your heirs while maintaining the income benefits you've worked hard to build.
Ready to navigate today's real estate landscape with confidence? Visit georgerealestaterooperadio.com or call us at 828-393-0134 to discuss your specific situation and discover the opportunities waiting for you in this evolving market.
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Episode Transcript
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Speaker 1 (00:00):
Hello friends, thank you so much for being here.
This is the George Real EstateGroup podcast, which is a
production of our live weeklyradio shows hosted on multiple
radio stations here inHendersonville, north Carolina.
The George Real Estate Groupserves Western North Carolina
and upstate South Carolina andit is a privilege to share
positive news about our localreal estate market and community
(00:23):
.
Thanks so much for subscribingand, of course, if you have any
real estate questions or if wecan help you in any way, be sure
to reach out.
Visit us atgeorgerealestaterooperadiocom
for more information.
Good morning and welcome to theGeorge Real Estate estate group
live radio broadcast here onwhkp every thursday morning,
(00:45):
sharing with you positive newsabout the real estate market.
Oh, there's the music.
The music's still running, butwe're so.
This is a live radio broadcasthere on whkp every thursday
morning, sharing with youpositive news about your real
estate market.
We have just some technicaldifficulties, but it's okay,
we're here, we're having.
I'm grateful to be here thisThursday morning.
(01:08):
Can you believe?
June is here and we're going todive in and talk about what's
happening here locally.
We're going to dive in and talkabout what's happening
nationally.
We're talking about interestrates, talk about what we're
helping our clients do,navigating through the buying
and selling.
I mean we work with our clientsbuying and selling their
personal home.
We help our clients sell theirinvestment properties or buy
more investment properties.
Or even if you have a largereal estate portfolio, maybe you
(01:30):
have land that you're not surewhat to do with.
I mean we've been diving intothe 1031 exchange world.
It's a tax code benefit thatyou can take advantage of to not
pay capital gains taxes on yourreal estate investments if you
take advantage of the 1031exchange code and we can talk
about all these things If you'retuning in for the first time
(01:51):
ever.
The George Real Estate Group arelocated in Flat Rock, right
next to the Flat Rock Bakery.
Hubba Hubba Barbecue, campfireGrill, the Wrinkled Egg, hubba
Lou all those great local andindependent restaurants and
businesses of the George RealEstate Group.
We're local and independent aswell.
We have the experience over 100years of combined experience.
We have over 20 agents.
(02:11):
Myself this is my 20th yearwith my North Carolina broker's
license and we're grateful toserve the community through real
estate.
We've had the privilege ofhelping over 1,500 families with
their real estate needs and welove serving the community
through real estate and again,it could be your personal home,
it could be your real estateinvestment, it could be land, it
(02:34):
could be development, it couldbe commercial, it could be
whatever your situation is.
And again, it's not just thebuying and selling.
We have an incredible team inplace, from our attorneys to our
lenders, to our appraisers andsurveyors, and home inspectors
and septic and well, and youname it, we have a team.
We have an incredible team inplace financial advisors, tax
(02:57):
advisors.
We love helping our neighbors,we love helping serving our
community and we serve all ofWestern North Carolina and the
upstate, spartanburg andGreenville counties.
Again, if you're curious aboutwhat your home is worth, if
you're curious about how to planahead for your state, if you're
curious in regards to realestate, if you're curious what
your tax implications are, whatare their solutions out there as
(03:19):
you're thinking about leavingreal estate for your family,
again, there's so many differentthings to consider and we look
at the holistic picture.
In regards to all that.
Find us online atrealestatebygregcom.
You can also connect with us.
Just call us 828-393-0134,828-393-0134.
(03:40):
You can follow us on socialmedia Facebook and Instagram.
We also podcast all of ourradio shows.
You can find us on yourfavorite podcast platform,
whatever that might be.
We podcast all of our radioshows.
We've been actually I've beendoing this radio program since
2011.
You know it's so interesting.
The market We've certainly seenthe cycles of the market and we
(04:00):
will dive into what's happeninghere locally with the real
estate market.
Just a quick seven-day snapshotfor Henderson County and of
course this is just a snapshotof single-family homes we not
only work with, of course wework with land and condos and
townhomes.
We work with commercial and wework with investment properties,
(04:21):
but residential single-familyhomes.
In the last seven days inHenderson County there's been 41
new listings.
There's been 68 price dropsAgain, this is just a seven-day
snapshot there's been 38 homesgo under contract and 48 homes
closed.
I mean the market is steady,the market's moving, the
(04:44):
market's healthy.
I mean it's this new norm wherewe're in.
I mean the market is days onmarket is a little bit longer,
it's softening a little bit.
We certainly.
But, by the way, if your home ispriced correctly, we're seeing
homes sell immediately.
We're still seeing multipleoffers and then on the other
side of the coin, I mean if it'snot priced, if the market is
(05:06):
not accepting the price thatwe're testing it out on.
I mean you can make adjustmentsand that's okay.
You can make adjustments andthen usually when it hits the,
when the price hits the rightpoint, homes are moving, homes
are going under contract.
I mean we're averaging about125 single family homes a month
selling 125 single-family homesa month selling in Henderson
(05:27):
County In the mid-500 availablehomes available single-family.
The market is really the last24 months has been remaining
steady, 24 months really about125 single-family homes a month
selling.
Year-to-date there's been aslight increase in the number of
homes sold this year versus thesame time period last year.
(05:48):
The average price has gone down, if you look at just year to
date, a little bit, but themedian price seems to be holding
.
But every home's unique anddifferent.
Every situation is unique anddifferent.
But we'd love to interview forthe job Again, whatever it might
be.
If you're thinking of sellingbefore buying, do you buy before
selling?
Do you want to talk about yourreal estate portfolio?
(06:09):
Maybe you have a bunch ofrental properties and you're not
sure.
Do I want to leave them for mychildren?
How do I keep owning realestate and continue getting that
mailbox money?
Maybe you don't want theheadache anymore.
Maybe you want to set your kidsup and yourself up, and there's
options, there's solutions,there's tax strategies that we
can employ in regards to yourreal estate.
Again, it's the holisticpicture.
(06:31):
In regards to real estate,whether it's your personal home
or investment properties, wehave an open house this Sunday
from 2 to 4 pm.
This Sunday at 1938 UpperRidgewood Boulevard in
Hendersonville, 325.
Actually, this home had a pricereduction of $10,000.
It's at now $325,000.
This home was built in 2020.
Over 1,700 square feet, threebedrooms, two baths in the Druid
(06:55):
Hills subdivision area.
It's incredible 1938 UpperRidgewood Boulevard Beautiful,
beautiful home $325,000.
Upper Ridgewood Boulevard it'sgoing to be open this Sunday for
325.
Great opportunity there.
We've had a lot of success withour open houses.
We see a ton of activity goingon and, again, grateful,
(07:17):
grateful for the opportunity tohelp our clients navigate
through the buying and sellingprocess.
We have just a number of newlistings 919 Canuga Road brand
new listing for $395.
This completely remodeled homeon Canuga Road, brand new,
completely renovated and turnkeyfor $395.
(07:38):
That's just another example ofsome of the inventory we have.
Again, the inventory tends to.
There's an ebb and flow withthe inventory.
19 Robert E Lee Drive in FlatRock for $435,000.
Great property there.
Single excuse me, it is asingle-family home, but it's a
brick ranch built in 1963, over1,700 square feet.
(08:00):
Great property for $435,000there in Flat Rock.
Another great property we haveis 73 Wisdom Cove Road in Flat
Rock for $700,000.
Incredible home as well Almost2,000 square feet, just built in
2020.
Another amazing home for$700,000 in Flat Rock.
And we have all types of homes.
(08:21):
We have a beautiful home on theCountry Club, 8th Fairway.
This home has over 5,000 squarefeet, built in 2007.
I mean phenomenal home.
Completely recently renovatedkitchen, high-end appliances,
quartz countertops, customcabinetry, generous island.
I'd venture to say that thiskitchen probably costs as much
(08:42):
as some homes do.
This is an amazing home 1903Country Club Road on the 8th
Fairway there in Hendersonville,country Club, $1.5 million for
this home.
Beautiful, beautiful home andso many features.
Again, check that one out aswell.
Again, just a sampling of thedifferent listings that we have.
(09:04):
And, of course, if you'recurious about any of them, just
a sampling of the differentlistings that we have.
And, of course, if you'recurious about any of them, go
online realestatebygregcom.
Of course, if you're thinkingof buying or selling or just
want to have a consultation, ifyou want to think through what
your options are.
You know most of our businessesword of mouth we are so busy,
we're so grateful and we have anincredible team in place.
We've been hiring more agents.
We're growing the markets, themarket, the interest rates of
(09:26):
the interest rates, theinventory, the inventory I mean,
and we've and in my 20 years ofI've navigated through the
different types of real estatemarkets.
I mean, you know, I remember in2011,.
Actually, when I started thisradio program, we had over a two
year supply of homes for sale.
We were only averaging 75 homesa month selling, but it was
(09:47):
over 1,000 units that wereavailable in the market and
again, I mean, I think at onepoint it might have been 1,500
homes available.
I mean it was staggering theamount of inventory that we had.
But again, the market wherewe're at now we have a
four-month supply of homes.
It's still 125 single-familyhomes a month selling.
(10:07):
Of course, it's not what it wasfrom a couple years ago and
there's a lot of reasons forthat, but the market's still
healthy, it's still moving.
Again, your unique home, yourunique situation.
Again, it's a privilege andhonor to navigate through your
goals and to understand whatyou're looking to do.
Please give us a call828-393-0134, 828-393-0134.
(10:33):
Find us online atrealestatebygregcom.
We continue to see the impactsof the hurricane and there's so
many places in our county thatare still recovering, and I just
want to bring that to light.
The hurricane and there's somany places in our county that
are still recovering, and and Ijust want to bring that to light
again I know this seemssomewhat normal for a lot of us,
but again, our thoughts andprayers and and continued
support, uh and encouragementfor those still rebuilding,
(10:56):
still recovering, and we, we seethat there's some homes that
we've we've uh been working onand and uh in the process of
selling that.
We're in the areas that werehit so hard and we've been
navigating through that andhelping our clients and, of
course, people that are beingrehomed and still trying to
figure things out.
Again, it's something that youknow it's.
(11:16):
If you're not, you're seeing itregularly.
It's easy to.
Again, it was, it seems, so faraway, but also it was so recent
too, and again, we know ournonprofits are serving our
community through that.
So what's going on with theinterest rates?
Interest rates I think peoplehave this idea in understanding
(11:39):
where the interest rates are andwhere.
Let's just talk about thehistory of interest rates.
There's a lot of people hittingpause and hoping the interest
rates will drop back down tothat 3%.
But here's the truth.
Those rates weren't normal.
They were a short-term responseto a once-in-a-century event
(12:04):
the COVID-19 pandemic.
The emergency economic policiesreally drove those historic
lows, not the marketfundamentals.
And if you're waiting for that3% again, you might be waiting a
while.
Experts across the industryagree 3% isn't coming back.
(12:25):
Instead, we're seeing mortgagerates hover in the high sixes to
low seven range, with forecastssuggesting the possible easing
to the mid sixes by the end ofthe year.
On.
The senior economist at Zillowsaid it this way while Zillow
expects mortgage rates to endthe year near mid-six, bearing
(12:46):
any unforeseen stocks, that pathmight be bumpy.
So what should buyers reallyfocus on?
Rather than waiting for a ratethat may never return, focus on
what you can control your budget, your credit score, working
with a real estate professionaland a trusted lender to explore
those options.
And again, there's so manytools and programs that can help
(13:07):
.
I mean there's down paymentassistance and there's different
negotiation strategies andthere's creative financing.
You know the opportunity is inthe timing.
You know there is an increasein inventory and it does mean
more homes to choose from andless competition than during the
peak frenzy.
So if rates drop later thisyear, what happens?
Well, buyers are going to rushback into the market and
(13:29):
competition spikes again.
You know, acting now couldactually give you a head start
in a better position before thenext wave.
You know also, while you'rewaiting I mean, home prices and
rents are actually still rising.
I shared with you that theaverage is down, but the median
is actually up, and so homeprices and rents are often still
climbing.
(13:49):
And if rates ease, it doesn'tguarantee affordability, that
affordability improves, andrealtorcom actually said this.
Staying out of the market inhopes of a rate drop that never
comes can lead to missedopportunities.
I you know I was thinking aboutsome clients that have been
looking for a number of yearsfor that right home, and it's
(14:13):
their personal choice.
But in the time that they'vewaited, the appreciation that
they've missed out on.
And again, everybody's got tomake that personal decision.
There's not ever the perfecttime and you got to decide.
Regardless of the economy,regardless of interest rates,
regardless of the market, yougot to decide what's right for
you.
But if you're going to stay outof the market for the interest
(14:34):
rates, you're going to miss out.
Another thing is, again, themarket isn't bad, it's just
different.
It's not about timing thebottom and it's not about timing
the top.
It's about making a smart,informed decision based on your
life and your goals, and so wecan help cut through the noise,
put a custom strategy togetherthat works.
And again, those rates, those3% rates, were the exception,
(14:59):
not the rule, and so today'srates are closer to historic
norms and we're entering a morebalanced market.
Again, we have a four monthsupply.
It was, you know, closer to atwo, a one and two month supply,
which is extreme seller'smarket, but it is softening and
we're moving into a morebalanced market.
If you're waiting for theperfect conditions, you might
(15:21):
miss the opportunity.
That's right, that's in frontof you, you know, right now.
It's this the thing.
Here's the history of let's talkabout the history of interest
rates.
You know, mortgage interestrates have gone through major
cycles over the last 50 years.
In the early 1980s, peaks ratespeaked above 18% due to the
Federal Reserve fightinginflation, and then again, as I
(15:44):
just discussed the 2020 to 2021rates dropped below 3% during
the pandemic.
It was the lowest in history.
As rates go up, monthly in,payments increase, so that does
impact what you can buy.
Your buying power goes down asrates go up.
A 1% rate increase can reduce abuyer's purchasing power by 10%
(16:05):
or more, and lower rates fuelbuyer demand, driving up prices,
while higher rates typicallycool the market.
This is interesting.
Historically, home prices havecontinued to rise, even in high
rate environments, just moreslowly.
You know the rates and homeprices don't always move
together.
You know this is so interesting.
From 1970 to today, despite thefluctuating rates, home values
(16:29):
have increased significantlyover the long term.
You know it was the 2020-2022pandemic boom.
It was when the Fed slashed theinterest rates in response to
COVID-19.
That led to the massrefinancing, record-setting
buyer demand.
It was one of the hottestseller's markets in history,
with the bidding wars, theinventory shortages, home price
appreciations in some areasexceeded 20%.
(16:51):
But again, to fight inflation,the Fed raised the interest
rates rapidly, starting in 2022,and mortgage rates doubled from
under 3% to over 7%, which didshock the market and slow down
transactions.
You know a lot of homeownerswith low fixed rates feel and
become rate locked, which led toour historic inventory.
(17:15):
The interesting thing about thelow, historic, even though the
rates are higher because of thelow inventory.
That's what's caused the supplyand demand.
That's what caused prices tokeep going up.
You know rates are elevated nowdue to still to curb inflation,
but historically the Fedadjusts based on economic
(17:35):
conditions.
So experts do predict rateswill normalize over time and
possibly stabilizing around that5% to 6%, which is close to the
historic average.
You know, over the last 50years the average 30-year fixed
rate has been around 7.75%.
So while the 6% to 7% may feelhigh, they're actually in line
(17:59):
with historical norms comparedto the extreme lows of recent
years.
So, as a buyer and as a seller,you know buyers today focus on
buying the right home, knowingthey can refinance later.
Sellers with equity are stillin strong positions, especially
if inventory remains low.
You know, and again, the realopportunities for those that are
prepared, informed and flexible.
(18:21):
And we, you know over 50% ofhomeowners in the US have over
50% of equity.
Over 30% of homeowners havetheir home full, paid off and
clear, and the net worthdifference between a renter and
a homeowner is over $300,000.
The net worth of a homeownerversus a renter is over $300,000
(18:47):
of net worth.
Again, homeownership can.
Again, it's the path to createwealth for your family.
I mean, we recently weretalking to a seller that bought
in 2011.
He paid under $200,000 for thishome 2011,.
He paid under $200,000 for thishome.
He made, he did makeimprovements, he did invest into
(19:08):
it and now this home is goingto be uh, on the market for over
$500,000.
These are common situations thatwe see again, people that have
been in the market, the housingmarket and long-term again, when
you and so, as a personal home,your first $250,000 of of
profit is tax-free as a personalhome If you've lived in the
home two out of a five-yearperiod as a married couple, it's
(19:31):
, it's $500,000.
And then you might not realizethis, but if you're, if you have
children on the deed andthey've lived in the home as
well, they can participate inthe $250,000 per person up to a
million dollars total in capitalgains a capital gains break for
a personal home if you've livedin the home two out of a
five-year period, which isincredible.
(19:53):
Also, this is a situation thatit does happen where, if your
spouse has passed um and this isjust a real, you know, it's a
notes and, by the way theyrecommend do not make any major
life decisions within the firstyear of a of a spouse, a spouse
passing, um, and so the it's sointeresting, you know, to me the
(20:20):
this is an impact that you cantake.
It.
You know it is something thatmaybe a lot of people don't
realize, but if your spouse haspassed in the last and you are
thinking about selling your homeagain, we don't recommend doing
anything that first year afterthe passing.
But if you sell the home withintwo years after your spouse
passing, you can take advantageof the $250,000 tax break that
(20:41):
your spouse would have received.
And so there's again, if you'rethinking ahead to your future,
whether it's moving into aretirement community or maybe
moving into with a family member, or downsizing, I mean there's
tax implications.
And, like I said, we have taxadvisors, we have attorneys, we
have estate planners, we haveappraisers.
I mean we have an entire teamin place to help you navigate
(21:04):
through the buying and sellingprocess and not just the selling
, not just the buying, but thebigger whole picture and what
are the implications of whatthat looks like for you and your
family and thinking throughthat.
It's a privilege and honor toserve our community through real
estate and, again, it'snavigating through all of it,
(21:24):
not just the specifics.
We have an incredible team inplace, from our closing
coordination to our listingmanagement to our leadership
staff.
I mean we have an incredibleteam in place.
We're growing, we're hiring moreagents and there's actually
been more transition in the realestate industry this year.
They said more agents arechanging and because of the
(21:47):
upheaval in the industry I meanthere's a lot of changes in the
industry A lot of people are,you know, just scratching their
heads.
They don't know how to adjustor pivot with the changes and
yet, no, it doesn't change isthe, the advocating, the
facilitating, helping ourclients navigate through life,
and it could be a reallypositive reason why you're
buying or selling.
It could be a very challengingreason.
You know there's, you knowthere's.
(22:07):
Life happens.
Therefore, real estate happens.
The interest rates are theinterest rates, the inventories,
the interest rates, theinventories, the inventory.
Life happens.
And so you know, give us a call828-393-0134, 828-393-0134.
Also, and we'll still dive in,there's a few more things I want
to share with you about what'shappening in the local market.
(22:27):
But I want to remind you, everyFriday morning at 845, we have
the Hometown Heroes series andtomorrow morning we have West
Henderson High School's ladyvolleyball coach, tiffany
Lawrence.
She actually was awarded theNorth Carolina High School
Athletic Association's DorisHoward Female Coach of the Year.
(22:48):
We're grateful to have Tiffanyin here tomorrow morning as our
Hometown Hero.
We've had a number ofnominations.
We're always grateful for thenominations that come in.
We're here every Friday morningsponsoring the Hometown Hero
Series and you can call in toWHKP nominate someone you know
that's made a difference in yourlife or in the community's life
, whether it's a volunteer,whether it's a teacher or
(23:11):
someone in your church, or itcould be our firefighters or law
enforcement Again, someone thatyou would like to an unsung
hero.
Please call in to WHKP.
Nominate them.
We'd love to have a chance tohonor them and have a
conversation with them, and youcan go back to our podcast and
listen to different hometownhero stories on our podcast.
(23:33):
We podcast all of our radioshows.
You can find that on yourfavorite podcast platform.
We're just so grateful.
Talking about the community, Iwanted to remind everyone that
Flat Rock has their Ice CreamSocial this Saturday.
It's the annual Flat Rock IceCream Social Free ice cream.
There's going to be music, youcan sing, along with Other
(23:55):
opportunities to support localcharities.
The merchants of Flat Rock areproviding refreshments for
purchase and all that money, andall the money raised, all of it
goes to our local children inour schools.
There's going to be the canineunit of the Henderson County
Sheriff's Office is going to bethere.
I don't know if they're goingto be there this year, but the,
(24:18):
the goats from Carl Sandburgs,have traditionally been there.
Um, also the they're going tohost a party mammo on the go bus
.
And again you can, um, there'sa website for that mammo on the
gocom.
And again, just just say thisyearly occasion where we think
all the wonderful volunteersthat keep the Village of Flat
Rock running.
So again, no pets allowed.
(24:40):
Bring your own chairs, carpoolwith friends and neighbors, but
again, that's going to be thisSaturday from 12 to 4.
The Georgia Real Estate isgoing to be out there
volunteering and love for you tostop by and say hello.
And again, it's a great time tovisit with neighbors in the
community.
Celebrate Flat Rocks.
You know, ice cream social.
Again, the market keeps moving.
(25:01):
The economy is the economy.
The interest rates are theinterest rates.
We're meeting with people,multiple people, every single
day, looking to buy and sell andnavigate through.
What do you do?
What are your options?
What's my home's worth?
How do I get ready?
You know, do we need stages?
Do we need stages?
Do we need an estateliquidation Whether you're
selling your personal home,whether you're selling an estate
home, whether you're selling aninvestment property you want to
(25:23):
talk through, sell if it'sright for you.
And again, the market's themarket.
And again I shared with youearlier, again, the last seven
days in Henderson County 41 newlistings, 68 price drops, 38
(25:49):
homes have gone under contractand 48 homes closed.
You know the market's stillmoving.
The sky is not falling.
We're helping actually morepeople than we helped last year.
We keep growing and if youthought about a career in real
estate maybe you currently haveyour real estate license looking
for a different culture,different support, more support
and again just a differentapproach, give the George Real
(26:11):
Estate Group a call.
And, of course, if you'rethinking of buying or selling,
or investing, or even you know,as you're thinking ahead with
your estate planning in regardsto real estate, we can help
navigate through all that, giveus a call 828-393-0134.
Find us onlinerealestatebygregcom.
Tune in tomorrow morning at 845.
We'll be here for the HometownHero series, so much to be
(26:48):
thankful for.
Have a great day and we'll seeyou tomorrow morning.
Burden for your kids.
Many children simply don't wantto co-manage an inherited house
or deal with the tenants.
Fortunately, you can preventthat with the right plan.
The George Real Estate Groupspecializes in tax-efficient
strategies like 1031 exchangesand Delaware Statutory Trust to
(27:08):
simplify inheritance and incomeplanning.
A 1031 exchange can defer yourcapital gain taxes now and help
your kids avoid a big tax billlater.
And a DST lets you continueearning rental income without
landlord headache.
Plus, it can be split amongyour children, making
inheritance easier.
Planning ahead is one of thekindest gifts you can give your
(27:29):
family.
Let us help you secure yourlegacy.
Call the George Real EstateGroup at 828-393-0134 today.
You've worked hard to buildyour legacy.
Now let us help you protect itfor your loved ones.
Speaker 2 (27:44):
Thank you for listening to the George Real
Estate Group podcast.
Tune in next time for moreindustry news updates and real
estate tips.
You can reach Greg, the GeorgeReal Estate Group, at
828-393-0134 or atrealestatebygregcom.
Hello friends, thank you so much for being here.
This is the George Real EstateGroup podcast, which is a
production of our live weeklyradio shows hosted on multiple
radio stations here inHendersonville, north Carolina.
The George Real Estate Groupserves Western North Carolina
and upstate South Carolina andit is a privilege to share
positive news about our localreal estate market and community
(00:23):
.
Thanks so much for subscribingand, of course, if you have any
real estate questions or if wecan help you in any way, be sure
to reach out.
Visit us atgeorgerealestaterooperadiocom
for more information.
Good morning and welcome to theGeorge Real Estate estate group
live radio broadcast here onwhkp every thursday morning,
(00:45):
sharing with you positive newsabout the real estate market.
Oh, there's the music.
The music's still running, butwe're so.
This is a live radio broadcasthere on whkp every thursday
morning, sharing with youpositive news about your real
estate market.
We have just some technicaldifficulties, but it's okay,
we're here, we're having.
I'm grateful to be here thisThursday morning.
(01:08):
Can you believe?
June is here and we're going todive in and talk about what's
happening here locally.
We're going to dive in and talkabout what's happening
nationally.
We're talking about interestrates, talk about what we're
helping our clients do,navigating through the buying
and selling.
I mean we work with our clientsbuying and selling their
personal home.
We help our clients sell theirinvestment properties or buy
more investment properties.
Or even if you have a largereal estate portfolio, maybe you
(01:30):
have land that you're not surewhat to do with.
I mean we've been diving intothe 1031 exchange world.
It's a tax code benefit thatyou can take advantage of to not
pay capital gains taxes on yourreal estate investments if you
take advantage of the 1031exchange code and we can talk
about all these things If you'retuning in for the first time
(01:51):
ever.
The George Real Estate Group arelocated in Flat Rock, right
next to the Flat Rock Bakery.
Hubba Hubba Barbecue, campfireGrill, the Wrinkled Egg, hubba
Lou all those great local andindependent restaurants and
businesses of the George RealEstate Group.
We're local and independent aswell.
We have the experience over 100years of combined experience.
We have over 20 agents.
(02:11):
Myself this is my 20th yearwith my North Carolina broker's
license and we're grateful toserve the community through real
estate.
We've had the privilege ofhelping over 1,500 families with
their real estate needs and welove serving the community
through real estate and again,it could be your personal home,
it could be your real estateinvestment, it could be land, it
(02:34):
could be development, it couldbe commercial, it could be
whatever your situation is.
And again, it's not just thebuying and selling.
We have an incredible team inplace, from our attorneys to our
lenders, to our appraisers andsurveyors, and home inspectors
and septic and well, and youname it, we have a team.
We have an incredible team inplace financial advisors, tax
(02:57):
advisors.
We love helping our neighbors,we love helping serving our
community and we serve all ofWestern North Carolina and the
upstate, spartanburg andGreenville counties.
Again, if you're curious aboutwhat your home is worth, if
you're curious about how to planahead for your state, if you're
curious in regards to realestate, if you're curious what
your tax implications are, whatare their solutions out there as
(03:19):
you're thinking about leavingreal estate for your family,
again, there's so many differentthings to consider and we look
at the holistic picture.
In regards to all that.
Find us online atrealestatebygregcom.
You can also connect with us.
Just call us 828-393-0134,828-393-0134.
(03:40):
You can follow us on socialmedia Facebook and Instagram.
We also podcast all of ourradio shows.
You can find us on yourfavorite podcast platform,
whatever that might be.
We podcast all of our radioshows.
We've been actually I've beendoing this radio program since
2011.
You know it's so interesting.
The market We've certainly seenthe cycles of the market and we
(04:00):
will dive into what's happeninghere locally with the real
estate market.
Just a quick seven-day snapshotfor Henderson County and of
course this is just a snapshotof single-family homes we not
only work with, of course wework with land and condos and
townhomes.
We work with commercial and wework with investment properties,
(04:21):
but residential single-familyhomes.
In the last seven days inHenderson County there's been 41
new listings.
There's been 68 price dropsAgain, this is just a seven-day
snapshot there's been 38 homesgo under contract and 48 homes
closed.
I mean the market is steady,the market's moving, the
(04:44):
market's healthy.
I mean it's this new norm wherewe're in.
I mean the market is days onmarket is a little bit longer,
it's softening a little bit.
We certainly.
But, by the way, if your home ispriced correctly, we're seeing
homes sell immediately.
We're still seeing multipleoffers and then on the other
side of the coin, I mean if it'snot priced, if the market is
(05:06):
not accepting the price thatwe're testing it out on.
I mean you can make adjustmentsand that's okay.
You can make adjustments andthen usually when it hits the,
when the price hits the rightpoint, homes are moving, homes
are going under contract.
I mean we're averaging about125 single family homes a month
selling 125 single-family homesa month selling in Henderson
(05:27):
County In the mid-500 availablehomes available single-family.
The market is really the last24 months has been remaining
steady, 24 months really about125 single-family homes a month
selling.
Year-to-date there's been aslight increase in the number of
homes sold this year versus thesame time period last year.
(05:48):
The average price has gone down, if you look at just year to
date, a little bit, but themedian price seems to be holding
.
But every home's unique anddifferent.
Every situation is unique anddifferent.
But we'd love to interview forthe job Again, whatever it might
be.
If you're thinking of sellingbefore buying, do you buy before
selling?
Do you want to talk about yourreal estate portfolio?
(06:09):
Maybe you have a bunch ofrental properties and you're not
sure.
Do I want to leave them for mychildren?
How do I keep owning realestate and continue getting that
mailbox money?
Maybe you don't want theheadache anymore.
Maybe you want to set your kidsup and yourself up, and there's
options, there's solutions,there's tax strategies that we
can employ in regards to yourreal estate.
Again, it's the holisticpicture.
(06:31):
In regards to real estate,whether it's your personal home
or investment properties, wehave an open house this Sunday
from 2 to 4 pm.
This Sunday at 1938 UpperRidgewood Boulevard in
Hendersonville, 325.
Actually, this home had a pricereduction of $10,000.
It's at now $325,000.
This home was built in 2020.
Over 1,700 square feet, threebedrooms, two baths in the Druid
(06:55):
Hills subdivision area.
It's incredible 1938 UpperRidgewood Boulevard Beautiful,
beautiful home $325,000.
Upper Ridgewood Boulevard it'sgoing to be open this Sunday for
325.
Great opportunity there.
We've had a lot of success withour open houses.
We see a ton of activity goingon and, again, grateful,
(07:17):
grateful for the opportunity tohelp our clients navigate
through the buying and sellingprocess.
We have just a number of newlistings 919 Canuga Road brand
new listing for $395.
This completely remodeled homeon Canuga Road, brand new,
completely renovated and turnkeyfor $395.
(07:38):
That's just another example ofsome of the inventory we have.
Again, the inventory tends to.
There's an ebb and flow withthe inventory.
19 Robert E Lee Drive in FlatRock for $435,000.
Great property there.
Single excuse me, it is asingle-family home, but it's a
brick ranch built in 1963, over1,700 square feet.
(08:00):
Great property for $435,000there in Flat Rock.
Another great property we haveis 73 Wisdom Cove Road in Flat
Rock for $700,000.
Incredible home as well Almost2,000 square feet, just built in
2020.
Another amazing home for$700,000 in Flat Rock.
And we have all types of homes.
(08:21):
We have a beautiful home on theCountry Club, 8th Fairway.
This home has over 5,000 squarefeet, built in 2007.
I mean phenomenal home.
Completely recently renovatedkitchen, high-end appliances,
quartz countertops, customcabinetry, generous island.
I'd venture to say that thiskitchen probably costs as much
(08:42):
as some homes do.
This is an amazing home 1903Country Club Road on the 8th
Fairway there in Hendersonville,country Club, $1.5 million for
this home.
Beautiful, beautiful home andso many features.
Again, check that one out aswell.
Again, just a sampling of thedifferent listings that we have.
(09:04):
And, of course, if you'recurious about any of them, just
a sampling of the differentlistings that we have.
And, of course, if you'recurious about any of them, go
online realestatebygregcom.
Of course, if you're thinkingof buying or selling or just
want to have a consultation, ifyou want to think through what
your options are.
You know most of our businessesword of mouth we are so busy,
we're so grateful and we have anincredible team in place.
We've been hiring more agents.
We're growing the markets, themarket, the interest rates of
(09:26):
the interest rates, theinventory, the inventory I mean,
and we've and in my 20 years ofI've navigated through the
different types of real estatemarkets.
I mean, you know, I remember in2011,.
Actually, when I started thisradio program, we had over a two
year supply of homes for sale.
We were only averaging 75 homesa month selling, but it was
(09:47):
over 1,000 units that wereavailable in the market and
again, I mean, I think at onepoint it might have been 1,500
homes available.
I mean it was staggering theamount of inventory that we had.
But again, the market wherewe're at now we have a
four-month supply of homes.
It's still 125 single-familyhomes a month selling.
(10:07):
Of course, it's not what it wasfrom a couple years ago and
there's a lot of reasons forthat, but the market's still
healthy, it's still moving.
Again, your unique home, yourunique situation.
Again, it's a privilege andhonor to navigate through your
goals and to understand whatyou're looking to do.
Please give us a call828-393-0134, 828-393-0134.
(10:33):
Find us online atrealestatebygregcom.
We continue to see the impactsof the hurricane and there's so
many places in our county thatare still recovering, and I just
want to bring that to light.
The hurricane and there's somany places in our county that
are still recovering, and and Ijust want to bring that to light
again I know this seemssomewhat normal for a lot of us,
but again, our thoughts andprayers and and continued
support, uh and encouragementfor those still rebuilding,
(10:56):
still recovering, and we, we seethat there's some homes that
we've we've uh been working onand and uh in the process of
selling that.
We're in the areas that werehit so hard and we've been
navigating through that andhelping our clients and, of
course, people that are beingrehomed and still trying to
figure things out.
Again, it's something that youknow it's.
(11:16):
If you're not, you're seeing itregularly.
It's easy to.
Again, it was, it seems, so faraway, but also it was so recent
too, and again, we know ournonprofits are serving our
community through that.
So what's going on with theinterest rates?
Interest rates I think peoplehave this idea in understanding
(11:39):
where the interest rates are andwhere.
Let's just talk about thehistory of interest rates.
There's a lot of people hittingpause and hoping the interest
rates will drop back down tothat 3%.
But here's the truth.
Those rates weren't normal.
They were a short-term responseto a once-in-a-century event
(12:04):
the COVID-19 pandemic.
The emergency economic policiesreally drove those historic
lows, not the marketfundamentals.
And if you're waiting for that3% again, you might be waiting a
while.
Experts across the industryagree 3% isn't coming back.
(12:25):
Instead, we're seeing mortgagerates hover in the high sixes to
low seven range, with forecastssuggesting the possible easing
to the mid sixes by the end ofthe year.
On.
The senior economist at Zillowsaid it this way while Zillow
expects mortgage rates to endthe year near mid-six, bearing
(12:46):
any unforeseen stocks, that pathmight be bumpy.
So what should buyers reallyfocus on?
Rather than waiting for a ratethat may never return, focus on
what you can control your budget, your credit score, working
with a real estate professionaland a trusted lender to explore
those options.
And again, there's so manytools and programs that can help
(13:07):
.
I mean there's down paymentassistance and there's different
negotiation strategies andthere's creative financing.
You know the opportunity is inthe timing.
You know there is an increasein inventory and it does mean
more homes to choose from andless competition than during the
peak frenzy.
So if rates drop later thisyear, what happens?
Well, buyers are going to rushback into the market and
(13:29):
competition spikes again.
You know, acting now couldactually give you a head start
in a better position before thenext wave.
You know also, while you'rewaiting I mean, home prices and
rents are actually still rising.
I shared with you that theaverage is down, but the median
is actually up, and so homeprices and rents are often still
climbing.
(13:49):
And if rates ease, it doesn'tguarantee affordability, that
affordability improves, andrealtorcom actually said this.
Staying out of the market inhopes of a rate drop that never
comes can lead to missedopportunities.
I you know I was thinking aboutsome clients that have been
looking for a number of yearsfor that right home, and it's
(14:13):
their personal choice.
But in the time that they'vewaited, the appreciation that
they've missed out on.
And again, everybody's got tomake that personal decision.
There's not ever the perfecttime and you got to decide.
Regardless of the economy,regardless of interest rates,
regardless of the market, yougot to decide what's right for
you.
But if you're going to stay outof the market for the interest
(14:34):
rates, you're going to miss out.
Another thing is, again, themarket isn't bad, it's just
different.
It's not about timing thebottom and it's not about timing
the top.
It's about making a smart,informed decision based on your
life and your goals, and so wecan help cut through the noise,
put a custom strategy togetherthat works.
And again, those rates, those3% rates, were the exception,
(14:59):
not the rule, and so today'srates are closer to historic
norms and we're entering a morebalanced market.
Again, we have a four monthsupply.
It was, you know, closer to atwo, a one and two month supply,
which is extreme seller'smarket, but it is softening and
we're moving into a morebalanced market.
If you're waiting for theperfect conditions, you might
(15:21):
miss the opportunity.
That's right, that's in frontof you, you know, right now.
It's this the thing.
Here's the history of let's talkabout the history of interest
rates.
You know, mortgage interestrates have gone through major
cycles over the last 50 years.
In the early 1980s, peaks ratespeaked above 18% due to the
Federal Reserve fightinginflation, and then again, as I
(15:44):
just discussed the 2020 to 2021rates dropped below 3% during
the pandemic.
It was the lowest in history.
As rates go up, monthly in,payments increase, so that does
impact what you can buy.
Your buying power goes down asrates go up.
A 1% rate increase can reduce abuyer's purchasing power by 10%
(16:05):
or more, and lower rates fuelbuyer demand, driving up prices,
while higher rates typicallycool the market.
This is interesting.
Historically, home prices havecontinued to rise, even in high
rate environments, just moreslowly.
You know the rates and homeprices don't always move
together.
You know this is so interesting.
From 1970 to today, despite thefluctuating rates, home values
(16:29):
have increased significantlyover the long term.
You know it was the 2020-2022pandemic boom.
It was when the Fed slashed theinterest rates in response to
COVID-19.
That led to the massrefinancing, record-setting
buyer demand.
It was one of the hottestseller's markets in history,
with the bidding wars, theinventory shortages, home price
appreciations in some areasexceeded 20%.
(16:51):
But again, to fight inflation,the Fed raised the interest
rates rapidly, starting in 2022,and mortgage rates doubled from
under 3% to over 7%, which didshock the market and slow down
transactions.
You know a lot of homeownerswith low fixed rates feel and
become rate locked, which led toour historic inventory.
(17:15):
The interesting thing about thelow, historic, even though the
rates are higher because of thelow inventory.
That's what's caused the supplyand demand.
That's what caused prices tokeep going up.
You know rates are elevated nowdue to still to curb inflation,
but historically the Fedadjusts based on economic
(17:35):
conditions.
So experts do predict rateswill normalize over time and
possibly stabilizing around that5% to 6%, which is close to the
historic average.
You know, over the last 50years the average 30-year fixed
rate has been around 7.75%.
So while the 6% to 7% may feelhigh, they're actually in line
(17:59):
with historical norms comparedto the extreme lows of recent
years.
So, as a buyer and as a seller,you know buyers today focus on
buying the right home, knowingthey can refinance later.
Sellers with equity are stillin strong positions, especially
if inventory remains low.
You know, and again, the realopportunities for those that are
prepared, informed and flexible.
(18:21):
And we, you know over 50% ofhomeowners in the US have over
50% of equity.
Over 30% of homeowners havetheir home full, paid off and
clear, and the net worthdifference between a renter and
a homeowner is over $300,000.
The net worth of a homeownerversus a renter is over $300,000
(18:47):
of net worth.
Again, homeownership can.
Again, it's the path to createwealth for your family.
I mean, we recently weretalking to a seller that bought
in 2011.
He paid under $200,000 for thishome 2011,.
He paid under $200,000 for thishome.
He made, he did makeimprovements, he did invest into
(19:08):
it and now this home is goingto be uh, on the market for over
$500,000.
These are common situations thatwe see again, people that have
been in the market, the housingmarket and long-term again, when
you and so, as a personal home,your first $250,000 of of
profit is tax-free as a personalhome If you've lived in the
home two out of a five-yearperiod as a married couple, it's
(19:31):
, it's $500,000.
And then you might not realizethis, but if you're, if you have
children on the deed andthey've lived in the home as
well, they can participate inthe $250,000 per person up to a
million dollars total in capitalgains a capital gains break for
a personal home if you've livedin the home two out of a
five-year period, which isincredible.
(19:53):
Also, this is a situation thatit does happen where, if your
spouse has passed um and this isjust a real, you know, it's a
notes and, by the way theyrecommend do not make any major
life decisions within the firstyear of a of a spouse, a spouse
passing, um, and so the it's sointeresting, you know, to me the
(20:20):
this is an impact that you cantake.
It.
You know it is something thatmaybe a lot of people don't
realize, but if your spouse haspassed in the last and you are
thinking about selling your homeagain, we don't recommend doing
anything that first year afterthe passing.
But if you sell the home withintwo years after your spouse
passing, you can take advantageof the $250,000 tax break that
(20:41):
your spouse would have received.
And so there's again, if you'rethinking ahead to your future,
whether it's moving into aretirement community or maybe
moving into with a family member, or downsizing, I mean there's
tax implications.
And, like I said, we have taxadvisors, we have attorneys, we
have estate planners, we haveappraisers.
I mean we have an entire teamin place to help you navigate
(21:04):
through the buying and sellingprocess and not just the selling
, not just the buying, but thebigger whole picture and what
are the implications of whatthat looks like for you and your
family and thinking throughthat.
It's a privilege and honor toserve our community through real
estate and, again, it'snavigating through all of it,
(21:24):
not just the specifics.
We have an incredible team inplace, from our closing
coordination to our listingmanagement to our leadership
staff.
I mean we have an incredibleteam in place.
We're growing, we're hiring moreagents and there's actually
been more transition in the realestate industry this year.
They said more agents arechanging and because of the
(21:47):
upheaval in the industry I meanthere's a lot of changes in the
industry A lot of people are,you know, just scratching their
heads.
They don't know how to adjustor pivot with the changes and
yet, no, it doesn't change isthe, the advocating, the
facilitating, helping ourclients navigate through life,
and it could be a reallypositive reason why you're
buying or selling.
It could be a very challengingreason.
You know there's, you knowthere's.
(22:07):
Life happens.
Therefore, real estate happens.
The interest rates are theinterest rates, the inventories,
the interest rates, theinventories, the inventory.
Life happens.
And so you know, give us a call828-393-0134, 828-393-0134.
Also, and we'll still dive in,there's a few more things I want
to share with you about what'shappening in the local market.
(22:27):
But I want to remind you, everyFriday morning at 845, we have
the Hometown Heroes series andtomorrow morning we have West
Henderson High School's ladyvolleyball coach, tiffany
Lawrence.
She actually was awarded theNorth Carolina High School
Athletic Association's DorisHoward Female Coach of the Year.
(22:48):
We're grateful to have Tiffanyin here tomorrow morning as our
Hometown Hero.
We've had a number ofnominations.
We're always grateful for thenominations that come in.
We're here every Friday morningsponsoring the Hometown Hero
Series and you can call in toWHKP nominate someone you know
that's made a difference in yourlife or in the community's life
, whether it's a volunteer,whether it's a teacher or
(23:11):
someone in your church, or itcould be our firefighters or law
enforcement Again, someone thatyou would like to an unsung
hero.
Please call in to WHKP.
Nominate them.
We'd love to have a chance tohonor them and have a
conversation with them, and youcan go back to our podcast and
listen to different hometownhero stories on our podcast.
(23:33):
We podcast all of our radioshows.
You can find that on yourfavorite podcast platform.
We're just so grateful.
Talking about the community, Iwanted to remind everyone that
Flat Rock has their Ice CreamSocial this Saturday.
It's the annual Flat Rock IceCream Social Free ice cream.
There's going to be music, youcan sing, along with Other
(23:55):
opportunities to support localcharities.
The merchants of Flat Rock areproviding refreshments for
purchase and all that money, andall the money raised, all of it
goes to our local children inour schools.
There's going to be the canineunit of the Henderson County
Sheriff's Office is going to bethere.
I don't know if they're goingto be there this year, but the,
(24:18):
the goats from Carl Sandburgs,have traditionally been there.
Um, also the they're going tohost a party mammo on the go bus
.
And again you can, um, there'sa website for that mammo on the
gocom.
And again, just just say thisyearly occasion where we think
all the wonderful volunteersthat keep the Village of Flat
Rock running.
So again, no pets allowed.
(24:40):
Bring your own chairs, carpoolwith friends and neighbors, but
again, that's going to be thisSaturday from 12 to 4.
The Georgia Real Estate isgoing to be out there
volunteering and love for you tostop by and say hello.
And again, it's a great time tovisit with neighbors in the
community.
Celebrate Flat Rocks.
You know, ice cream social.
Again, the market keeps moving.
(25:01):
The economy is the economy.
The interest rates are theinterest rates.
We're meeting with people,multiple people, every single
day, looking to buy and sell andnavigate through.
What do you do?
What are your options?
What's my home's worth?
How do I get ready?
You know, do we need stages?
Do we need stages?
Do we need an estateliquidation Whether you're
selling your personal home,whether you're selling an estate
home, whether you're selling aninvestment property you want to
(25:23):
talk through, sell if it'sright for you.
And again, the market's themarket.
And again I shared with youearlier, again, the last seven
days in Henderson County 41 newlistings, 68 price drops, 38
(25:49):
homes have gone under contractand 48 homes closed.
You know the market's stillmoving.
The sky is not falling.
We're helping actually morepeople than we helped last year.
We keep growing and if youthought about a career in real
estate maybe you currently haveyour real estate license looking
for a different culture,different support, more support
and again just a differentapproach, give the George Real
(26:11):
Estate Group a call.
And, of course, if you'rethinking of buying or selling,
or investing, or even you know,as you're thinking ahead with
your estate planning in regardsto real estate, we can help
navigate through all that, giveus a call 828-393-0134.
Find us onlinerealestatebygregcom.
Tune in tomorrow morning at 845.
We'll be here for the HometownHero series, so much to be
(26:48):
thankful for.
Have a great day and we'll seeyou tomorrow morning.
Burden for your kids.
Many children simply don't wantto co-manage an inherited house
or deal with the tenants.
Fortunately, you can preventthat with the right plan.
The George Real Estate Groupspecializes in tax-efficient
strategies like 1031 exchangesand Delaware Statutory Trust to
(27:08):
simplify inheritance and incomeplanning.
A 1031 exchange can defer yourcapital gain taxes now and help
your kids avoid a big tax billlater.
And a DST lets you continueearning rental income without
landlord headache.
Plus, it can be split amongyour children, making
inheritance easier.
Planning ahead is one of thekindest gifts you can give your
(27:29):
family.
Let us help you secure yourlegacy.
Call the George Real EstateGroup at 828-393-0134 today.
You've worked hard to buildyour legacy.
Now let us help you protect itfor your loved ones.
Speaker 2 (27:44):
Thank you for listening to the George Real
Estate Group podcast.
Tune in next time for moreindustry news updates and real
estate tips.
You can reach Greg, the GeorgeReal Estate Group, at
828-393-0134 or atrealestatebygregcom.
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If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.